Sherrie Bellamy

Sherrie Bellamy

REALTOR®, Associate Broker BR585058000 Certified Luxury Home Marketing Specialist, GRI English
11211 N. Tatum Boulevard Ste. 120 Phoenix AZ 85028
(602) 432-8723

What Do Experts Say About Today’s Mortgage Rates?

By Sherrie Bellamy - August 24, 2021

What Do Experts Say About Today’s Mortgage Rates?

Mortgage rates are hovering near record lows, and that’s
good news for today’s homebuyers. The graph below shows mortgage rates dating
back to 2016 and where today falls by comparison.

 

 

Generally speaking, when rates are low, you can afford more
home for your money. That’s why experts across the industry agree – today’s low
rates present buyers with an incredible opportunity. Here’s what they have to
say:

Sam Khater, Chief Economist at Freddie Mac, points out
the historic nature of today’s rates:

“As the economy works to get back to its pre-pandemic
self, and the fight against COVID-19 variants unfolds, owners and buyers
continue to benefit from some of the lowest mortgage rates of all-time.”

Mark Fleming, Chief Economist at First American, talks
about how rates impact a buyer’s bottom line:

“Mortgage rates are generally the same across the
country, so a decline in mortgage rates boosts affordability equally in each
market.”

Danielle Hale, Chief Economist at realtor.com, also
notes the significance of today’s low rates and urges buyers to carefully
consider their timing:

“Those who haven’t yet taken advantage of low rates to
buy a home or refinance still have the opportunity to do so this summer.”

Hale goes on to say that buyers who don’t act soon could see
higher rates in the coming months, negatively impacting their purchasing power:

“We expect mortgage rates to fluctuate near historic lows
through the summer before beginning to climb this fall.”

And while mortgage rates are still low today, the data from
Freddie Mac indicates rates are fluctuating ever so slightly right now, as they
moved up one week before inching slightly back down in their latest release.
It’s important to keep in mind the influence rates have on your monthly
mortgage payment.

Even small increases can have a big impact on what you pay
each month. Trust the experts. Today’s rates give you opportunity and
flexibility in what you can afford. Don’t wait on the sidelines and hope for a
better rate to come along; the rates we’re seeing today are worth capitalizing
on.

Bottom Line

Mortgage rates hover near record lows today, but experts
forecast they’ll rise in the coming months. Waiting could prove costly when
that happens. Let’s connect today to discuss today’s rates and determine if
now’s the time for you to buy.

 

Source: Real Estate with Keeping Current Matters

 

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